On July 18, 2016, Namaste Technologies Inc. acquired VaporSeller
from Haze Industries Inc. Namaste has acquired all
VaporSeller related website domains, a customer list of over
150,000 names, and related intellectual property, goodwill, and
support services, in exchange for US$500,000 in cash, five million
shares of Namaste over time and an earn-out of US$1.5 million,
subject to revenue and margin controls.
Namaste has also closed on the minimum subscription requirement
of its non-brokered private placement with the issuance of
8-million units for gross proceeds of approximately $960,000.
Each unit consisted of one common share of Namaste and one common
share purchase warrant exercisable at $0.18 for up to two
Namaste Technologies is an emerging leader in the vaporizer and
accessories space with over 30 e-commerce retail stores in 20
countries, offering the largest range of brand name vaporizer
products on the market.
VaporSeller is an e-commerce portal for the sale of vaporizers
and accessories that generated an unaudited revenue base of
US$3.4-million in 2015.
Gowling WLG advised Namaste Technologies Inc. with a team that
included Peter Simeon and Matthew Literovich.
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